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L'OREAL SA 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and L'OREAL SA’s Form 8-K, filed 2025-05-07 (Item 5.07 on EDGAR). Page generated 02 October 2026.

79Reported items
154Asset managers
10,887Fund votes
2025-04-29Meeting date

Proxy season: 2023-2024 2024-2025 2025-2026

Explore L'OREAL SA in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by L'OREAL SA

These tallies are L'OREAL SA’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2025-05-07 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

L'OREAL SA — official shareholder meeting results, meeting held 2025-04-29
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Outcome
Elect Director: Kathryn J. Boor	217,838,219	3,685,078	216,749	--	9,674,110	Majority: yes
Elect Director: Mark J. Costa	217,680,374	3,984,821	74,851	--	9,674,110	Majority: yes
Elect Director: John F. Ferraro	209,404,772	12,259,870	75,404	--	9,674,110	Majority: yes
Elect Director: J. Erik Fyrwald	221,339,603	325,862	74,581	--	9,674,110	Majority: yes
Elect Director: Vincent J. Intrieri	215,147,409	6,516,464	76,173	--	9,674,110	Majority: yes
Elect Director: Cynthia T. Jamison	212,641,881	9,025,885	72,280	--	9,674,110	Majority: yes
Elect Director: Mehmood Khan	221,375,416	294,984	69,646	--	9,674,110	Majority: yes
Elect Director: Kevin O'Byrne	219,745,475	1,927,374	67,197	--	9,674,110	Majority: yes
Elect Director: Margarita Paláu-Hernández	220,520,774	1,155,236	64,036	--	9,674,110	Majority: yes
Elect Director: Dawn C. Willoughby	211,260,009	10,329,707	150,330	--	9,674,110	Majority: yes
The proposal to ratify the Audit Committee's selection of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2025 received the following votes:	212,026,858	19,312,560	74,738	--	--	Majority: yes
The advisory proposal to approve the compensation paid to the Company's named executive officers in 2024, as disclosed in the Proxy Statement, received the following votes:	187,853,527	33,680,007	206,512	--	9,674,110	Majority: yes

This meeting is also recorded here as 2025-05-01; both records come from the same filing, so the date should be checked against it.

Source: L'OREAL SA, Form 8-K, filed with the SEC on 2025-05-07 — read the filing on EDGAR.

How asset managers voted at the L'OREAL SA 2024-2025 meeting

Each item below shows how the 154 asset managers that disclosed a L'OREAL SA vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of L'OREAL SA’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Approve Compensation of Jean-Paul Agon, Chairman of the Board

COMPENSATION

Combines 2 wordings of this item as funds reported it.

99.8% fund support · no official result

FOR 99.8%

The 85 asset managers below cast 99.8% of the shares they voted on this item FOR (23,533,119 for, 26,401 against).

FOR: 23,533,119 (99.9%)AGAINST: 26,401 (0.1%)

Largest asset managers voting on “Approve Compensation of Jean-Paul Agon, Chairman of the Board” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Walter Scott & Partners Ltd	2,230,167	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
APG Asset Management US Inc.	1,010,430	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
JPMorgan	587,905	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Desjardins Global Asset Management Inc.	287,634	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For

Showing the 25 largest of 85 asset managers. See all 85 in the interactive database.

2. Approve Compensation of Nicolas Hieronimus, CEO

COMPENSATION

Combines 2 wordings of this item as funds reported it.

99.8% fund support · no official result

FOR 99.8%

The 85 asset managers below cast 99.8% of the shares they voted on this item FOR (23,533,119 for, 26,401 against).

FOR: 23,533,119 (99.9%)AGAINST: 26,401 (0.1%)

Largest asset managers voting on “Approve Compensation of Nicolas Hieronimus, CEO” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Walter Scott & Partners Ltd	2,230,167	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
APG Asset Management US Inc.	1,010,430	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
JPMorgan	587,905	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Desjardins Global Asset Management Inc.	287,634	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For

Showing the 25 largest of 85 asset managers. See all 85 in the interactive database.

3. Approve Compensation Report of Corporate Officers

COMPENSATIONMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

85% Majority: yes · of votes cast

FOR 85%AGAINST 15%

FOR: 187,853,527AGAINST: 33,680,007

L'OREAL SA’s own tally for this item (“The advisory proposal to approve the compensation paid to the Company's named executive officers in 2024, as disclosed in the Proxy Statement, received the following votes:”): 187,853,527 for, 33,680,007 against, per its Form 8-K filed 2025-05-07 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

The 81 asset managers below cast 99.8% of the shares they voted on this item FOR (19,409,672 for, 26,401 against).

FOR 99.8%

FOR: 19,409,672 (99.9%)AGAINST: 26,401 (0.1%)

Largest asset managers voting on “Approve Compensation Report of Corporate Officers” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 81 asset managers. See all 81 in the interactive database.

4. Approve Remuneration Policy of CEO

COMPENSATION

Combines 3 wordings of this item as funds reported it.

85% fund support · no official result

FOR 85%AGAINST 15%

The 79 asset managers below cast 85% of the shares they voted on this item FOR (16,388,154 for, 2,966,441 against).

FOR: 16,388,154 (84.7%)AGAINST: 2,966,441 (15.3%)ABSTAIN: 650 (0.0%)

Largest asset managers voting on “Approve Remuneration Policy of CEO” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	6,492,065	0	For
Capital Group	2,806,652	0	For
Fidelity	1,771,722	0	For
EUPAC FUND	1,088,163	0	For
TIAA	906,373	0	For
Morgan Stanley	682,352	1,594	For
Goldman Sachs	682,942	0	For
State Street	0	659,258	Against
T. Rowe Price	486,294	0	For
Invesco	15,463	395,842	Against
BNY Mellon	394,790	10,679	For
Dimensional	0	317,037	Against
Legg Mason	0	282,699	Against
Thornburg	281,963	0	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	0	For
WisdomTree	0	155,063	Against
INTERNATIONAL GROWTH & INCOME FUND	136,111	0	For
DWS	0	127,664	Against
Equitable	65,025	55,550	For
AIG/SunAmerica	0	117,428	Against
New York Life	96,697	15,652	For
Northern Trust	0	102,706	Against
American Century	0	86,227	Against
Voya	80,956	0	For
Calvert	0	78,469	Against

Showing the 25 largest of 79 asset managers. See all 79 in the interactive database.

5. Approve Remuneration Policy of Chairman of the Board

COMPENSATION

Combines 2 wordings of this item as funds reported it.

99.8% fund support · no official result

FOR 99.8%

The 79 asset managers below cast 99.8% of the shares they voted on this item FOR (19,328,844 for, 26,401 against).

FOR: 19,328,844 (99.9%)AGAINST: 26,401 (0.1%)

Largest asset managers voting on “Approve Remuneration Policy of Chairman of the Board” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 79 asset managers. See all 79 in the interactive database.

6. Approve Remuneration Policy of Directors

COMPENSATION

Combines 2 wordings of this item as funds reported it.

99.8% fund support · no official result

FOR 99.8%

The 79 asset managers below cast 99.8% of the shares they voted on this item FOR (19,328,844 for, 26,401 against).

FOR: 19,328,844 (99.9%)AGAINST: 26,401 (0.1%)

Largest asset managers voting on “Approve Remuneration Policy of Directors” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 79 asset managers. See all 79 in the interactive database.

7. Approve Remuneration of Directors in the Aggregate Amount of EUR 2 Million

COMPENSATION

99.8% fund support · no official result

FOR 99.8%

The 78 asset managers below cast 99.8% of the shares they voted on this item FOR (19,325,734 for, 26,401 against).

FOR: 19,325,734 (99.9%)AGAINST: 26,401 (0.1%)

Largest asset managers voting on “Approve Remuneration of Directors in the Aggregate Amount of EUR 2 Million” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

8. Authorize Capital Issuances for Use in Employee Stock Purchase Plans

COMPENSATION

99.8% fund support · no official result

FOR 99.8%

The 78 asset managers below cast 99.8% of the shares they voted on this item FOR (19,326,843 for, 25,292 against).

FOR: 19,326,843 (99.9%)AGAINST: 25,292 (0.1%)

Largest asset managers voting on “Authorize Capital Issuances for Use in Employee Stock Purchase Plans” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

9. Authorize Capital Issuances for Use in Employee Stock Purchase Plans Reserved for Employees of International Subsidiaries

COMPENSATION

99.8% fund support · no official result

FOR 99.8%

The 78 asset managers below cast 99.8% of the shares they voted on this item FOR (19,326,843 for, 25,292 against).

FOR: 19,326,843 (99.9%)AGAINST: 25,292 (0.1%)

Largest asset managers voting on “Authorize Capital Issuances for Use in Employee Stock Purchase Plans Reserved for Employees of International S” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 78 asset managers. See all 78 in the interactive database.

10. Amend Article 12 of Bylaws to Incorporate Legal Changes

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Amend Article 12 of Bylaws to Incorporate Legal Changes” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

11. Amend Article 9 of Bylaws to Incorporate Legal Changes

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Amend Article 9 of Bylaws to Incorporate Legal Changes” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

12. Approve Allocation of Income and Dividends of EUR 7 per Share and an Extra of EUR 0.70 per Share to Long Term Registered Shares

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Approve Allocation of Income and Dividends of EUR 7 per Share and an Extra of EUR 0.70 per Share to Long Term ” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

13. Approve Consolidated Financial Statements and Statutory Reports

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Approve Consolidated Financial Statements and Statutory Reports” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

14. Approve Financial Statements and Statutory Reports

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Approve Financial Statements and Statutory Reports” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

15. Authorize Capital Increase of up to 2 Percent of Issued Capital for Contributions in Kind

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Authorize Capital Increase of up to 2 Percent of Issued Capital for Contributions in Kind” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

16. Authorize Capitalization of Reserves for Bonus Issue or Increase in Par Value

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Authorize Capitalization of Reserves for Bonus Issue or Increase in Par Value” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

17. Authorize Filing of Required Documents/Other Formalities

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Authorize Filing of Required Documents/Other Formalities” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

18. Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 149,607,365.88

CAPITAL STRUCTURE

98% fund support · no official result

FOR 98%

The 77 asset managers below cast 98% of the shares they voted on this item FOR (18,948,232 for, 403,290 against).

FOR: 18,948,232 (97.9%)AGAINST: 403,290 (2.1%)

Largest asset managers voting on “Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	6,492,065	0	For
Capital Group	2,806,652	0	For
Fidelity	1,771,722	0	For
EUPAC FUND	1,088,163	0	For
TIAA	906,373	0	For
Morgan Stanley	675,446	8,500	For
Goldman Sachs	682,942	0	For
State Street	659,258	0	For
T. Rowe Price	486,294	0	For
Invesco	411,305	0	For
BNY Mellon	10,679	394,790	Against
Dimensional	317,037	0	For
Legg Mason	282,699	0	For
Thornburg	281,963	0	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	0	For
WisdomTree	155,063	0	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	0	For
DWS	127,664	0	For
Equitable	120,575	0	For
AIG/SunAmerica	117,428	0	For
New York Life	112,349	0	For
Northern Trust	102,706	0	For
American Century	86,227	0	For
Voya	80,956	0	For
Calvert	78,469	0	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

19. Authorize Repurchase of Up to 10 Percent of Issued Share Capital

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 77 asset managers below cast 100% of the shares they voted on this item FOR (19,351,522 for, 0 against).

FOR: 19,351,522 (100.0%)

Largest asset managers voting on “Authorize Repurchase of Up to 10 Percent of Issued Share Capital” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
Vanguard	6,492,065	For
Capital Group	2,806,652	For
Fidelity	1,771,722	For
EUPAC FUND	1,088,163	For
TIAA	906,373	For
Morgan Stanley	683,946	For
Goldman Sachs	682,942	For
State Street	659,258	For
T. Rowe Price	486,294	For
Invesco	411,305	For
BNY Mellon	405,469	For
Dimensional	317,037	For
Legg Mason	282,699	For
Thornburg	281,963	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	For
WisdomTree	155,063	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	For
DWS	127,664	For
Equitable	120,575	For
AIG/SunAmerica	117,428	For
New York Life	112,349	For
Northern Trust	102,706	For
American Century	86,227	For
Voya	80,956	For
Calvert	78,469	For

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

20. Elect Isabelle Seillier as Director

DIRECTOR ELECTIONS

99.2% fund support · no official result

FOR 99.2%

The 77 asset managers below cast 99.2% of the shares they voted on this item FOR (19,215,032 for, 136,490 against).

FOR: 19,215,032 (99.3%)AGAINST: 136,490 (0.7%)

Largest asset managers voting on “Elect Isabelle Seillier as Director” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	6,492,065	0	For
Capital Group	2,806,652	0	For
Fidelity	1,771,722	0	For
EUPAC FUND	1,088,163	0	For
TIAA	906,373	0	For
Morgan Stanley	682,352	1,594	For
Goldman Sachs	682,942	0	For
State Street	659,258	0	For
T. Rowe Price	486,294	0	For
Invesco	411,305	0	For
BNY Mellon	405,469	0	For
Dimensional	317,037	0	For
Legg Mason	282,699	0	For
Thornburg	281,963	0	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	0	For
WisdomTree	155,063	0	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	0	For
DWS	127,664	0	For
Equitable	120,575	0	For
AIG/SunAmerica	117,428	0	For
New York Life	112,349	0	For
Northern Trust	102,706	0	For
American Century	86,227	0	For
Voya	80,956	0	For
Calvert	0	78,469	Against

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

21. Reelect Alexandre Ricard as Director

DIRECTOR ELECTIONS

99.2% fund support · no official result

FOR 99.2%

The 77 asset managers below cast 99.2% of the shares they voted on this item FOR (19,215,032 for, 136,490 against).

FOR: 19,215,032 (99.3%)AGAINST: 136,490 (0.7%)

Largest asset managers voting on “Reelect Alexandre Ricard as Director” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	6,492,065	0	For
Capital Group	2,806,652	0	For
Fidelity	1,771,722	0	For
EUPAC FUND	1,088,163	0	For
TIAA	906,373	0	For
Morgan Stanley	682,352	1,594	For
Goldman Sachs	682,942	0	For
State Street	659,258	0	For
T. Rowe Price	486,294	0	For
Invesco	411,305	0	For
BNY Mellon	405,469	0	For
Dimensional	317,037	0	For
Legg Mason	282,699	0	For
Thornburg	281,963	0	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	0	For
WisdomTree	155,063	0	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	0	For
DWS	127,664	0	For
Equitable	120,575	0	For
AIG/SunAmerica	117,428	0	For
New York Life	112,349	0	For
Northern Trust	102,706	0	For
American Century	86,227	0	For
Voya	80,956	0	For
Calvert	0	78,469	Against

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

22. Reelect Nicolas Hieronimus as Director

DIRECTOR ELECTIONS

99.2% fund support · no official result

FOR 99.2%

The 77 asset managers below cast 99.2% of the shares they voted on this item FOR (19,215,032 for, 136,490 against).

FOR: 19,215,032 (99.3%)AGAINST: 136,490 (0.7%)

Largest asset managers voting on “Reelect Nicolas Hieronimus as Director” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	6,492,065	0	For
Capital Group	2,806,652	0	For
Fidelity	1,771,722	0	For
EUPAC FUND	1,088,163	0	For
TIAA	906,373	0	For
Morgan Stanley	682,352	1,594	For
Goldman Sachs	682,942	0	For
State Street	659,258	0	For
T. Rowe Price	486,294	0	For
Invesco	411,305	0	For
BNY Mellon	405,469	0	For
Dimensional	317,037	0	For
Legg Mason	282,699	0	For
Thornburg	281,963	0	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	0	For
WisdomTree	155,063	0	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	0	For
DWS	127,664	0	For
Equitable	120,575	0	For
AIG/SunAmerica	117,428	0	For
New York Life	112,349	0	For
Northern Trust	102,706	0	For
American Century	86,227	0	For
Voya	80,956	0	For
Calvert	0	78,469	Against

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

23. Reelect Paul Bulcke as Director

DIRECTOR ELECTIONS

92% fund support · no official result

FOR 92%8%

The 77 asset managers below cast 92% of the shares they voted on this item FOR (17,862,535 for, 1,488,987 against).

FOR: 17,862,535 (92.3%)AGAINST: 1,488,987 (7.7%)

Largest asset managers voting on “Reelect Paul Bulcke as Director” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	6,492,065	0	For
Capital Group	2,806,652	0	For
Fidelity	1,695,299	76,423	For
EUPAC FUND	1,088,163	0	For
TIAA	906,373	0	For
Morgan Stanley	682,352	1,594	For
Goldman Sachs	682,942	0	For
State Street	0	659,258	Against
T. Rowe Price	486,294	0	For
Invesco	15,463	395,842	Against
BNY Mellon	405,469	0	For
Dimensional	317,037	0	For
Legg Mason	282,699	0	For
Thornburg	281,963	0	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	0	For
WisdomTree	155,063	0	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	0	For
DWS	127,664	0	For
Equitable	120,575	0	For
AIG/SunAmerica	117,428	0	For
New York Life	112,349	0	For
Northern Trust	14,625	88,081	Against
American Century	86,227	0	For
Voya	0	80,956	Against
Calvert	0	78,469	Against

Showing the 25 largest of 77 asset managers. See all 77 in the interactive database.

24. Elect Aurelie Jean as Director

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

99.2% fund support · no official result

FOR 99.2%

The 75 asset managers below cast 99.2% of the shares they voted on this item FOR (19,194,031 for, 136,490 against).

FOR: 19,194,031 (99.3%)AGAINST: 136,490 (0.7%)

Largest asset managers voting on “Elect Aurelie Jean as Director” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	6,492,065	0	For
Capital Group	2,806,652	0	For
Fidelity	1,771,722	0	For
EUPAC FUND	1,088,163	0	For
TIAA	906,373	0	For
Morgan Stanley	682,352	1,594	For
Goldman Sachs	682,942	0	For
State Street	659,258	0	For
T. Rowe Price	486,294	0	For
Invesco	411,305	0	For
BNY Mellon	405,469	0	For
Dimensional	317,037	0	For
Legg Mason	282,699	0	For
Thornburg	281,963	0	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	0	For
WisdomTree	155,063	0	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	0	For
DWS	127,664	0	For
Equitable	120,575	0	For
AIG/SunAmerica	117,428	0	For
New York Life	112,349	0	For
Northern Trust	102,706	0	For
American Century	86,227	0	For
Voya	80,956	0	For
Calvert	0	78,469	Against

Showing the 25 largest of 75 asset managers. See all 75 in the interactive database.

25. Elect Tethys as Director

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

93% fund support · no official result

FOR 93%7%

The 75 asset managers below cast 93% of the shares they voted on this item FOR (17,908,137 for, 1,422,384 against).

FOR: 17,908,137 (92.6%)AGAINST: 1,422,384 (7.4%)

Largest asset managers voting on “Elect Tethys as Director” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	6,492,065	0	For
Capital Group	2,806,652	0	For
Fidelity	1,771,722	0	For
EUPAC FUND	1,088,163	0	For
TIAA	906,373	0	For
Morgan Stanley	682,352	1,594	For
Goldman Sachs	682,942	0	For
State Street	0	659,258	Against
T. Rowe Price	486,294	0	For
Invesco	15,463	395,842	Against
BNY Mellon	405,469	0	For
Dimensional	317,037	0	For
Legg Mason	282,699	0	For
Thornburg	281,963	0	For
MASSACHUSETTS INVESTORS GROWTH STOCK FUND	196,176	0	For
WisdomTree	155,063	0	For
INTERNATIONAL GROWTH & INCOME FUND	136,111	0	For
DWS	127,664	0	For
Equitable	120,575	0	For
AIG/SunAmerica	117,428	0	For
New York Life	112,349	0	For
Northern Trust	14,625	88,081	Against
American Century	86,227	0	For
Voya	0	80,956	Against
Calvert	0	78,469	Against

Showing the 25 largest of 75 asset managers. See all 75 in the interactive database.

26. APPROVAL OF THE FIXED AND VARIABLE COMPONENTS OF THE TOTAL REMUNERATION AND BENEFITS PAID DURING FINANCIAL YEAR 2024 OR ALLOCATED FOR THAT YEAR TO NICOLAS HIERONIMUS, IN HIS CAPACITY AS CHIEF EXECUTIVE OFFICER

COMPENSATION

Combines 2 wordings of this item as funds reported it.

99% fund support · no official result

FOR 99%

The 52 asset managers below cast 99% of the shares they voted on this item FOR (11,224,385 for, 122,951 against).

FOR: 11,224,385 (98.8%)AGAINST: 122,951 (1.1%)ABSTAIN: 41 (0.0%)NOT VOTED: 13,255 (0.1%)

Largest asset managers voting on “APPROVAL OF THE FIXED AND VARIABLE COMPONENTS OF THE TOTAL REMUNERATION AND BENEFITS PAID DURING FINANCIAL YEA” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
BlackRock	4,553,077	0	For
BAILLIE GIFFORD OVERSEAS LTD	1,818,738	0	For
Six Circles Trust	1,377,848	0	For
Vanguard	1,327,408	0	For
HARDING LOEVNER FUNDS INC	608,089	0	For
BAILLIE GIFFORD FUNDS	219,916	0	For
HARDING LOEVNER LP	199,156	0	For
Korea Investment CORP	194,303	0	For
BAILLIE GIFFORD & CO LTD	170,672	0	For
1832 Asset Management L.P.	150,645	0	For
Treasurer of the State of North Carolina	117,300	0	For
Siemens Fonds Invest GmbH	0	88,974	Against
BBH Trust	78,490	0	For
John Hancock	75,496	0	For
JARISLOWSKY, FRASER Ltd	73,535	0	For
Bridge Builder Trust	47,157	0	For
Jackson National	46,653	0	For
WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST	33,600	0	For
Harbor ETF Trust	0	30,717	Against
Manning & Napier	30,029	0	For
MASTER INVESTMENT PORTFOLIO	20,616	0	For
BAILLIE GIFFORD & CO	16,492	0	For
Morningstar Funds Trust	0	0	Not Voted
Northern Trust	11,765	0	For
Cumberland Partners Ltd	6,500	0	For

Showing the 25 largest of 52 asset managers. See all 52 in the interactive database.

27. APPROVAL OF THE FIXED AND VARIABLE COMPONENTS OF THE TOTAL REMUNERATION AND BENEFITS PAID DURING FINANCIAL YEAR 2024 OR ALLOCATED FOR THAT YEAR TO JEAN-PAUL AGON, IN HIS CAPACITY AS CHAIRMAN OF THE BOARD OF DIRECTORS

COMPENSATION

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 50 asset managers below cast 100% of the shares they voted on this item FOR (11,310,229 for, 0 against).

FOR: 11,310,229 (99.9%)ABSTAIN: 41 (0.0%)NOT VOTED: 13,255 (0.1%)

Largest asset managers voting on “APPROVAL OF THE FIXED AND VARIABLE COMPONENTS OF THE TOTAL REMUNERATION AND BENEFITS PAID DURING FINANCIAL YEA” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
BAILLIE GIFFORD OVERSEAS LTD	1,818,738	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
HARDING LOEVNER LP	199,156	For
Korea Investment CORP	194,303	For
BAILLIE GIFFORD & CO LTD	170,672	For
1832 Asset Management L.P.	150,645	For
Treasurer of the State of North Carolina	117,300	For
Siemens Fonds Invest GmbH	88,974	For
BBH Trust	78,490	For
John Hancock	75,496	For
JARISLOWSKY, FRASER Ltd	73,535	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
Manning & Napier	30,029	For
MASTER INVESTMENT PORTFOLIO	20,616	For
BAILLIE GIFFORD & CO	16,492	For
Morningstar Funds Trust	0	Not Voted
Northern Trust	11,765	For
Cumberland Partners Ltd	6,500	For
South Dakota Investment Council	6,415	For

Showing the 25 largest of 50 asset managers. See all 50 in the interactive database.

28. APPROVAL OF THE INFORMATION ON THE REMUNERATION OF EACH OF THE DIRECTORS AND CORPORATE OFFICERS REQUIRED BY ARTICLE L. 22-10-9, I OF THE FRENCH COMMERCIAL CODE

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

99.5% fund support · no official result

FOR 99.4%

The 27 asset managers below cast 99.5% of the shares they voted on this item FOR (8,388,535 for, 33,977 against).

FOR: 8,388,535 (99.4%)AGAINST: 33,977 (0.4%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “APPROVAL OF THE INFORMATION ON THE REMUNERATION OF EACH OF THE DIRECTORS AND CORPORATE OFFICERS REQUIRED BY AR” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
BlackRock	4,553,077	0	For
Six Circles Trust	1,377,848	0	For
Vanguard	1,327,408	0	For
HARDING LOEVNER FUNDS INC	608,089	0	For
BAILLIE GIFFORD FUNDS	219,916	0	For
BBH Trust	78,490	0	For
John Hancock	75,496	0	For
Bridge Builder Trust	47,157	0	For
Jackson National	46,653	0	For
Harbor ETF Trust	0	30,717	Against
MASTER INVESTMENT PORTFOLIO	20,616	0	For
Morningstar Funds Trust	0	0	Not Voted
Manning & Napier	12,915	0	For
CARILLON SERIES TRUST	5,558	0	For
Listed Funds Trust	3,576	0	For
IQ EQ FUND MANAGEMENT (IRELAND) Ltd	3,507	0	For
HARBOR FUNDS	0	3,260	Against
LKCM Funds	2,913	0	For
GPS Funds I	1,552	0	For
Lincoln Financial	1,239	0	For
Natixis	888	0	For
Krane Shares Trust	702	0	For
Tema ETF Trust	248	0	For
Forethought Variable Insurance Trust	191	0	For
Calamos	182	0	For

Showing the 25 largest of 27 asset managers. See all 27 in the interactive database.

29. APPROVAL OF THE REMUNERATION POLICY FOR THE CHIEF EXECUTIVE OFFICER

COMPENSATION

99% fund support · no official result

FOR 99%

The 27 asset managers below cast 99% of the shares they voted on this item FOR (18,919,367 for, 257,684 against).

FOR: 18,919,367 (98.6%)AGAINST: 257,684 (1.3%)NOT VOTED: 13,255 (0.1%)

Largest asset managers voting on “APPROVAL OF THE REMUNERATION POLICY FOR THE CHIEF EXECUTIVE OFFICER” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
BlackRock	15,185,457	122,159	For
Six Circles Trust	1,377,848	0	For
Vanguard	1,327,408	0	For
HARDING LOEVNER FUNDS INC	608,089	0	For
BAILLIE GIFFORD FUNDS	219,916	0	For
BBH Trust	78,490	0	For
John Hancock	0	75,496	Against
Bridge Builder Trust	13,848	33,309	Against
Jackson National	32,799	13,854	For
Harbor ETF Trust	30,717	0	For
MASTER INVESTMENT PORTFOLIO	20,616	0	For
Morningstar Funds Trust	0	0	Not Voted
Manning & Napier	12,915	0	For
CARILLON SERIES TRUST	0	5,558	Against
Listed Funds Trust	3,576	0	For
IQ EQ FUND MANAGEMENT (IRELAND) Ltd	0	3,507	Against
HARBOR FUNDS	3,260	0	For
LKCM Funds	0	2,913	Against
GPS Funds I	1,552	0	For
Lincoln Financial	1,239	0	For
Natixis	0	888	Against
Krane Shares Trust	702	0	For
Tema ETF Trust	248	0	For
Forethought Variable Insurance Trust	191	0	For
Calamos	182	0	For

Showing the 25 largest of 27 asset managers. See all 27 in the interactive database.

30. ESTABLISHMENT OF THE TOTAL MAXIMUM AMOUNT ALLOTTED TO DIRECTORS AS REMUNERATION FOR THEIR OFFICE

COMPENSATION

100% fund support · no official result

FOR 99.8%

The 26 asset managers below cast 100% of the shares they voted on this item FOR (8,419,005 for, 0 against).

FOR: 8,419,005 (99.8%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “ESTABLISHMENT OF THE TOTAL MAXIMUM AMOUNT ALLOTTED TO DIRECTORS AS REMUNERATION FOR THEIR OFFICE” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
Janney Montgomery Scott LLC	166	For

Showing the 25 largest of 26 asset managers. See all 26 in the interactive database.

31. APPROVAL OF THE REMUNERATION POLICY FOR DIRECTORS

COMPENSATION

100% fund support · no official result

FOR 99.9%

The 26 asset managers below cast 100% of the shares they voted on this item FOR (19,173,544 for, 0 against).

FOR: 19,173,544 (99.9%)NOT VOTED: 13,255 (0.1%)

Largest asset managers voting on “APPROVAL OF THE REMUNERATION POLICY FOR DIRECTORS” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	15,307,616	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
Janney Montgomery Scott LLC	166	For

Showing the 25 largest of 26 asset managers. See all 26 in the interactive database.

32. APPROVAL OF THE REMUNERATION POLICY FOR THE CHAIRMAN OF THE BOARD OF DIRECTORS

COMPENSATION

100% fund support · no official result

FOR 99.9%

The 26 asset managers below cast 100% of the shares they voted on this item FOR (19,173,544 for, 0 against).

FOR: 19,173,544 (99.9%)NOT VOTED: 13,255 (0.1%)

Largest asset managers voting on “APPROVAL OF THE REMUNERATION POLICY FOR THE CHAIRMAN OF THE BOARD OF DIRECTORS” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	15,307,616	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
Janney Montgomery Scott LLC	166	For

Showing the 25 largest of 26 asset managers. See all 26 in the interactive database.

33. DELEGATION OF AUTHORITY GRANTED TO THE BOARD OF DIRECTORS FOR THE PURPOSE OF CARRYING OUT A CAPITAL INCREASE RESERVED FOR CATEGORIES OF BENEFICIARIES CONSISTING OF EMPLOYEES OF FOREIGN SUBSIDIARIES, WITH CANCELLATION OF PREFERENTIAL SUBSCRIPTION RIGHTS, WITHIN THE FRAMEWORK OF AN EMPLOYEE SHARE OWNERSHIP PLAN

CAPITAL STRUCTURE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 26 asset managers below cast 100% of the shares they voted on this item FOR (8,419,005 for, 0 against).

FOR: 8,419,005 (99.8%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “DELEGATION OF AUTHORITY GRANTED TO THE BOARD OF DIRECTORS FOR THE PURPOSE OF CARRYING OUT A CAPITAL INCREASE R” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
Janney Montgomery Scott LLC	166	For

Showing the 25 largest of 26 asset managers. See all 26 in the interactive database.

34. ALLOCATION OF THE COMPANY'S NET PROFIT FOR FINANCIAL YEAR 2024 AND SETTING OF THE DIVIDEND

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 25 asset managers below cast 100% of the shares they voted on this item FOR (8,418,839 for, 0 against).

FOR: 8,418,839 (99.8%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “ALLOCATION OF THE COMPANY'S NET PROFIT FOR FINANCIAL YEAR 2024 AND SETTING OF THE DIVIDEND” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
RBB FUND, INC.	148	For

35. AMENDMENTS TO ARTICLE 12 OF THE ARTICLES OF ASSOCIATION RELATING TO THE GENERAL RULES ABOUT GENERAL MEETINGS IN ORDER TO ALIGN THEM WITH FRANCE'S ATTRACTIVENESS ACT (LAW NO. 2024-537 OF 13 JUNE 2024)

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 25 asset managers below cast 100% of the shares they voted on this item FOR (8,418,839 for, 0 against).

FOR: 8,418,839 (99.8%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “AMENDMENTS TO ARTICLE 12 OF THE ARTICLES OF ASSOCIATION RELATING TO THE GENERAL RULES ABOUT GENERAL MEETINGS I” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
RBB FUND, INC.	148	For

36. AMENDMENTS TO ARTICLE 9 OF THE ARTICLES OF ASSOCIATION RELATING TO THE DELIBERATIONS OF THE BOARD OF DIRECTORS, IN ORDER TO ENABLE USE OF THE MODERNISATION MEASURES INTRODUCED UNDER FRANCE'S ATTRACTIVENESS ACT (LAW NO. 2024-537 OF 13 JUNE 2024) AND ITS IMPLEMENTING DECREE

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 25 asset managers below cast 100% of the shares they voted on this item FOR (8,418,839 for, 0 against).

FOR: 8,418,839 (99.8%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “AMENDMENTS TO ARTICLE 9 OF THE ARTICLES OF ASSOCIATION RELATING TO THE DELIBERATIONS OF THE BOARD OF DIRECTORS” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
RBB FUND, INC.	148	For

37. APPOINTMENT OF AURELIE JEAN AS A DIRECTOR

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.8%

The 25 asset managers below cast 100% of the shares they voted on this item FOR (8,418,839 for, 0 against).

FOR: 8,418,839 (99.8%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “APPOINTMENT OF AURELIE JEAN AS A DIRECTOR” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
RBB FUND, INC.	148	For

38. APPOINTMENT OF ISABELLE SEILLIER AS A DIRECTOR

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.8%

The 25 asset managers below cast 100% of the shares they voted on this item FOR (8,418,839 for, 0 against).

FOR: 8,418,839 (99.8%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “APPOINTMENT OF ISABELLE SEILLIER AS A DIRECTOR” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
RBB FUND, INC.	148	For

39. APPOINTMENT OF THE COMPANY TETHYS AS A DIRECTOR

DIRECTOR ELECTIONS

99.3% fund support · no official result

FOR 99.2%

The 25 asset managers below cast 99.3% of the shares they voted on this item FOR (8,366,820 for, 52,019 against).

FOR: 8,366,820 (99.2%)AGAINST: 52,019 (0.6%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “APPOINTMENT OF THE COMPANY TETHYS AS A DIRECTOR” at L'OREAL SA, 2024-2025
Asset manager	For	Against	Vote
BlackRock	4,553,077	0	For
Six Circles Trust	1,377,848	0	For
Vanguard	1,327,408	0	For
HARDING LOEVNER FUNDS INC	608,089	0	For
BAILLIE GIFFORD FUNDS	219,916	0	For
BBH Trust	78,490	0	For
John Hancock	67,187	8,309	For
Bridge Builder Trust	13,848	33,309	Against
Jackson National	36,252	10,401	For
Harbor ETF Trust	30,717	0	For
MASTER INVESTMENT PORTFOLIO	20,616	0	For
Morningstar Funds Trust	0	0	Not Voted
Manning & Napier	12,915	0	For
CARILLON SERIES TRUST	5,558	0	For
Listed Funds Trust	3,576	0	For
HARBOR FUNDS	3,260	0	For
LKCM Funds	2,913	0	For
GPS Funds I	1,552	0	For
Lincoln Financial	1,239	0	For
Natixis	888	0	For
Krane Shares Trust	702	0	For
Tema ETF Trust	248	0	For
Forethought Variable Insurance Trust	191	0	For
Calamos	182	0	For
RBB FUND, INC.	148	0	For

40. APPROVAL OF THE 2024 CONSOLIDATED FINANCIAL STATEMENTS

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 99.8%

The 25 asset managers below cast 100% of the shares they voted on this item FOR (8,418,839 for, 0 against).

FOR: 8,418,839 (99.8%)NOT VOTED: 13,255 (0.2%)

Largest asset managers voting on “APPROVAL OF THE 2024 CONSOLIDATED FINANCIAL STATEMENTS” at L'OREAL SA, 2024-2025
Asset manager	For	Vote
BlackRock	4,553,077	For
Six Circles Trust	1,377,848	For
Vanguard	1,327,408	For
HARDING LOEVNER FUNDS INC	608,089	For
BAILLIE GIFFORD FUNDS	219,916	For
BBH Trust	78,490	For
John Hancock	75,496	For
Bridge Builder Trust	47,157	For
Jackson National	46,653	For
Harbor ETF Trust	30,717	For
MASTER INVESTMENT PORTFOLIO	20,616	For
Morningstar Funds Trust	0	Not Voted
Manning & Napier	12,915	For
CARILLON SERIES TRUST	5,558	For
Listed Funds Trust	3,576	For
HARBOR FUNDS	3,260	For
LKCM Funds	2,913	For
GPS Funds I	1,552	For
Lincoln Financial	1,239	For
Natixis	888	For
Krane Shares Trust	702	For
Tema ETF Trust	248	For
Forethought Variable Insurance Trust	191	For
Calamos	182	For
RBB FUND, INC.	148	For

Showing the 40 reported items with the widest manager coverage, of 79 in total. View every item.

Largest L'OREAL SA shareholders voting in 2024-2025

Ranked by the number of L'OREAL SA shares each manager voted on the most widely held ballot item of the 2024-2025 meeting.

Top L'OREAL SA shareholders by shares voted, 2024-2025
#	Asset manager	Shares voted
1	Vanguard	6,492,065
2	Capital Group	2,806,652
3	Walter Scott & Partners Ltd	2,230,167
4	Fidelity	1,771,722
5	EUPAC FUND	1,088,163
6	APG Asset Management US Inc.	1,010,430
7	TIAA	906,373
8	Morgan Stanley	683,946
9	Goldman Sachs	682,942
10	State Street	659,258

Shown as share counts, not percentages: no shares-outstanding figure has been matched to L'OREAL SA for the 2024-2025 season, so there is no denominator to divide by.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At L'OREAL SA's shareholder meeting held 2025-04-29, in the 2024-2025 proxy season, 154 asset managers reported how they voted in their SEC Form N-PX filings, covering 10,887 separate fund positions. Their filings are grouped here into 79 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. L'OREAL SA's own Form 8-K tally for this meeting is published below, but no row in it could be matched to the most widely held item, so this page states no certified outcome for that item. On that item — Approve Compensation of Jean-Paul Agon, Chairman of the Board — the reporting funds cast 99.8% of the shares they voted in favour (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side). That is the aggregate of those managers' own N-PX disclosures, not the company's certified result, and the funds are a subset of all shareholders.

L'OREAL SA proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.